Will Bitcoin's Price Go Up Again? Yes, According to On-Chain Analytics - Ep.244

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 8 June 2021

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Willy Woo, on-chain Bitcoin analyst and writer of the Bitcoin Forecast, a market intelligence newsletter, and Rafael Schultze-Kraft, co-founder and CTO of Glassnode, discuss Bitcoin and what the on-chain metrics tell us about the price. Here to discuss is. Episode highlights: what factors pushed the price of BTC down in May why Elon’s Twitter account hold so much sway over the market why Willy believes Bitcoin is good for renewable energy who sold during the last month which type of BTC investors stopped purchasing in Feb/March what trends Willy and Rafael have noticed from coins moving to/from exchanges their thoughts on exchange-traded products, like GBTC and Canadian ETFs how derivatives trading has played a role in Bitcoin’s price why stablecoins were trading above their peg in the months leading up to the Coinbase direct listing how Willy values Bitcoin (specifically using NVT ratio) whether the trend of corporate treasuries investing in Bitcoin will continue how they expect Ethereum's adoption of a deflationary monetary policy to impact the price of Bitcoin when the market could turn bullish once again and predictions for the rest of the year Thank you to our sponsors! E&Y: https://ey.com/globalblockchainsummit Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero Episode Links Willy Woo Twitter: https://twitter.com/woonomic Substack: https://willywoo.substack.com/ Charts: http://charts.woobull.com/ Rafael Schultze-Kraft Twitter: https://twitter.com/n3ocortex Glassnode Blog: https://insights.glassnode.com/author/rafael/ Medium (no posts in 2021): https://medium.com/@neocortex Glassnode Website: https://glassnode.com/ Twitter: https://twitter.com/glassnode Crunchbase: https://www.crunchbase.com/organization/glassnode Willy on BTC trends: NVT 2021 re-hash: https://twitter.com/woonomic/status/1399644889596370950 User growth on BTC network: https://twitter.com/woonomic/status/1396716391940575232 Exchange flows are bullish: https://twitter.com/woonomic/status/1395350421187690500 The movement to strong holders is unprecedented: https://twitter.com/woonomic/status/1391209800252358658 BTC undervaluation: https://twitter.com/woonomic/status/1389145220432859144 Rafael on BTC trends: Investors becoming fearful: https://twitter.com/n3ocortex/status/1394922200923312132 Bear market?: https://twitter.com/n3ocortex/status/1394312942678679559 Why on-chain exchange metrics are difficult to analyze: https://insights.glassnode.com/exchange-metrics/ BTC ownership is not highly concentrated: https://insights.glassnode.com/bitcoin-supply-distribution/ BTC illiquidity: https://insights.glassnode.com/bitcoin-liquid-supply/ Glassnode on BTC trends: May 31 recap: https://insights.glassnode.com/the-week-on-chain-week-22-2021/ May 24 recap: https://insights.glassnode.com/the-week-on-chain-week-21-2021/ December buyers approaching cost basis: https://twitter.com/glassnode/status/1399757635512066052 Battle of Bulls vs. Bears: https://twitter.com/glassnode/status/1399231089764360192 Grayscale discount: https://twitter.com/glassnode/status/1397059742019686400 Deleveraging futures market: https://twitter.com/glassnode/status/1395771367958581251 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,
0:08.4	Laurence Shin, a journalist with over two decades of experience. I started having crypto
0:12.8	six years ago, and as a senior editor at Forbes, was the first mainstream media reporter
0:17.2	to cover cryptocurrency full-time. This is the June 8th, 2021 episode of Unchained.
0:23.0	Next week is the five-year anniversary of Unchained. If you want to send in a question or comment
0:28.3	for a next week's show, which will be a mini AMA, the deadline to get your submissions in is
0:33.1	Thursday, June 10th at 5 p.m. Eastern or 2 p.m. Pacific. Send it via email to helloatunchainedpodcast.com
0:40.4	and write anniversary in the subject line. And also, let me know how to pronounce your name.
0:45.2	Thanks for listening to Unchained all these years. I never imagined it would change my life as it
0:50.2	has and I'm so grateful to all of you. Today's episode is sponsored by EY Block Chain. Ernstian
0:56.9	Young is committed to supporting integration of the world's business ecosystems on the public
1:01.6	Ethereum blockchain. The Crypto.com app lets you buy, earn, and spend crypto all in one place.
1:08.7	Earn up to 8.5% interest on your Bitcoin, and 14% interest on your stablecoins paid weekly.
1:15.9	Download the Crypto.com app and get $25 with the code Laura. The link is in the description.
1:22.5	TASOS is smart money. That's redefining what it means to hold an exchange value in a digitally
1:27.8	connected world. Discover how people are reimagining the world around you on TASOS.
1:33.3	Today's topic is Bitcoin and what the Unchained metrics tell us about the price.
1:38.2	Here to discuss are Willy Wu, an Unchained Bitcoin analyst and writer of the Bitcoin forecast,
1:44.0	a market intelligence newsletter, and Raphael Schultz Kraft, co-founder and CTO of GlassNode.
1:49.2	Welcome, Willy and Raphael.
1:52.4	Great to be back. Laura, thanks for having me. Five years of the podcast that didn't know,
1:57.9	congrats. Thank you. The market has been in the
	...

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